Turnaround and recovery: What strategy do you need?

In spite of the interest in reversing decline, the topic of turnaround has not been subjected to the rigours of systematic research as often and as carefully as the subject's importance demands. The purpose of this article is to show what we do know, and what we don't know, about turnaround. The practitioner of a turnaround then may be able to design his strategy more effectively. He will know what has succeeded, what has not succeeded, and what has not been tried.